Free trade agreement

(VOVworld) - On Wednesday, Russian President Vladimir Putin signed an act suspending the free trade agreement with Ukraine as of January 1st, 2016. Russia will temporarily suspend preferential trade relations with Ukraine to prevent threats to its economic security, allegedly stemming from a trade agreement between Ukraine and the European Union (EU). The Russian act said Ukraine has practically abandoned the development of trade and economic cooperation within the Commonwealth of Independent States and chosen comprehensive integration with the EU, which is contradictory to the FTA with Russia. On the same day, Prime Minister Arseny Yasenyuk announced that the Ukraine government will approve 2 resolutions in retaliation against Russia including an import embargo and raising tariffs on Russian goods. Mr. Yasenyuk said that for each move from Russia, Ukraine will have a counter-response. The resolutions will take effect immediately after Russia imposes restrictions on Ukraine’s … [Read more...] about Russian President signs an act suspending the free trade agreement with Ukraine

The Hanoitimes - The Ministry of Industry and Trade (MOIT) revealed at the press conference in Hanoi on December 19 that the free trade agreement (FTA) between Vietnam and the Republic of Korea (RoK) went into effect on December 20. The Ministry of Industry and Trade said the FTA will contribute to strengthen trade and investment cooperation between Vietnam and RoK. The two countries will set up a ministerial level joint committee and subcommittees on goods trade, customs, trade defence, sanitary and phytosanitary (SPS) measures and technical barriers to trade (TBT) to accelerate the implementation of the agreement. Bilateral trade between Vietnam and the RoK has rised 57 folds in the past decades, from 500,000 million USD in 1992 to 28.8 billion USD in 2014.
Free trade agreement will contribute to investment cooperation between Vietnam and RoK.
Two-way trade value saw an increase of 5.7% since 2013, with Vietnam’s export to the RoK reaching 7.1 billion USD, up 7.9% and its … [Read more...] about Vietnam-RoK free trade agreement takes effect from December 20

The bilateral free trade agreement between Vietnam and South Korea (VKFTA) came into effect on Sunday, seven months after signing. The trade pact was signed on May 5 in Hanoi, and the two countries last week exchanged a diplomatic document to officially implement the agreement on December 20, according to both Vietnamese and South Korean trade ministries. Both nations have finished ratifying the trade deal as per local laws, the Vietnamese Ministry of Industry and Trade said on Sunday. The VKFTA covers a wide range of initiatives, among them tariff elimination and reduction, investment, intellectual property, customs facilitation, trade safeguards, technical barriers to trade, e-commerce, competition, and institutional and economic cooperation. The trade accord will open up 94.7 percent of Korea’s market and 92.4 percent of the Vietnamese market in terms of import volume, the South Korean Ministry of Trade, Industry and Energy said in a press release on December 16. The East … [Read more...] about Vietnam’s free trade agreement with South Korea takes effect

(VOVworld) - The Ministry of Industry and Trade has defined challenges and opportunities in the implementation of the Vietnam - Republic of Korea Free Trade Agreement. Speaking in a conference in Ho Chi Minh City, an official from the Ministry's Department of Asia Pacific, Pham Khac Tuyen, highlights challenges facing local businesses: “Businesses must improve product quality to enter the Korean supply chain. Product quality, prices and time of delivery are decisive factors demanded by Korean importers.”
The conference. Photo: H.Diu/baohaiquan.vn South Korea will reduce more than 97% of import taxes on Vietnamese agricultural products, including shrimps, fish and tropical fruits while Vietnam will cut taxes on nearly 93% of industrial products from the Korea. … [Read more...] about Vietnam- RoK Free Trade Agreement facilitates Vietnamese agricultural exports

The European Union (EU) today published the full text of the free trade agreement between the EU and Vietnam. The step follows the conclusion of the negotiating process in December. It will allow all interested stakeholders to become familiar with the content of EU-Vietnam Free Trade Agreement (EVFTA) well in advance of the domestic ratification processes both in the EU and in Vietnam. According to the usual procedure, the text will now be subject to a legal review to verify its consistency and ensure that all the provisions are formulated in a legally-sound way. It will then be translated into all EU languages as well as into Vietnamese before being signed and ratified by both parties. “This is a very ambitious agreement that will further strengthen our already very solid bilateral relations,” said head of the EU Delegation to Vietnam, Ambassador Bruno Angelet. According to Angelet, once in force, the FTA will be mutually beneficial for both sides. Vietnam will … [Read more...] about EU publishes EU-Vietnam Free Trade Agreement